HCP ends the day on a bullish note closing near the high of the day
HCP Inc. (HCP) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
HCP ended Thursday at 23.87 gaining $0.35 (1.49%). The bulls were in full control today, moving the market higher throughout the whole session. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (HCP as at Jun 14, 2018):
Thursday's trading range was $0.39 (1.66%), that's slightly below last trading month's daily average range of $0.43. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. After moving lower in the previous session, the stock managed to close higher but below the prior day's open, forming a bullish Harami Candle.
Breaking through the key resistance level at 23.82 today, it is now likely to act as support going forward. After having been unable to move lower than 23.49 in the previous session, the market found buyers again around the same price level today at 23.52.
While HCP Inc. is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive. The share managed to break above the 20-day moving average at 23.76 today for the first time since May 25th.
Selling could speed up should prices move below the nearby swing low at 23.49 where further sell stops might get triggered.